Acca aaa s21 Notes

September 2021 to June 2022 exams
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4. Disclosures required in the financial statements
๏
Relationships between parents and subsidiaries 
irrespective
of whether there have been 
transactions between the parties.
๏
Compensation to key management personnel (including short-term, post-employment and 
termination benefits and share-based payments).
๏
Minimum disclosures for related party transactions include:
‣
The amount of the transactions*
‣
The amount of outstanding balances and their terms**
‣
Allowances for doubtful debts relating to the outstanding balances
‣
The expense recognised in the period in respect of irrecoverable or doubtful debts due from 
related parties.
* Examples of transactions with related parties include:
๏
purchases/sales of goods, other assets or services
๏
leases
๏
loans and other finance arrangements 
๏
providing guarantees or collateral. 
** Disclosure should state that terms are 'arm's length' 
only
if that can be substantiated. The auditor 
must therefore obtain sufficient audit evidence that this assertion is true.
September 2021 to June 2022 exams
Watch free ACCA AAA lectures 
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